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FTC's Alon Investigation Closed

Pending acquisition of Paramount Petroleum to resume.

August 2, 2006, 08:00 pm

DALLAS -- The Federal Trade Commission has notified Alon USA Energy that it has completed the investigation concerning the acquisition of Paramount Petroleum Corp. With the completion, Alon expects to complete the acquisition by mid-month.

The purchase totals $307 million, to be paid in cash, and an additional $100 million of net debt.

Although this investigation has closed, the FTC is still looking into Alon's acquisition of Edgington Oil Co. That purchase, which includes 40,000 barrels per day of crude oil capacity, will exceed $52 million, not including the value of inventory.

Alon USA Energy, located in Dallas, Texas, independently refines and markets petroleum products. The fuel is marketed under the FINA name and is distributed to retailers, including its 7-Eleven and FINA stores in West Texas and New Mexico.